World News
BUNKER PRICES: OPEC+ Cuts Prompt Sharpest Daily VLSFO Gain in 10 Months
Bunker fuel prices surged at most ports on Monday after a surprise OPEC+ crude output cut announcement over the weekend, with global average VLSFO prices seeing the sharpest daily gain in ten months.
Ship & Bunker's G20-VLSFO Index of prices across 20 leading bunkering ports gained $24/mt to $636.50/mt on Monday, reaching the highest level since March 9. The gain was the biggest for a day since June 3, 2022.
The G20-HSFO Index rose by $24/mt to $509.50/mt, while the G20-MGO Index jumped by $25.50/mt to $865/mt.
ICE Brent crude futures gained $5.04/bl to $84.93/bl on Monday.
VLSFO prices at the top ports followed a positive trend. At Singapore prices rose by $25.50/mt to $603.50/mt, at Rotterdam they advanced by $25/mt to $595.50/mt, at Fujairah they climbed by $32.50/mt to $606.50/mt and at Houston they jumped by $14/mt to $590/mt.
On Tuesday morning Brent futures were trading up by $0.60/bl at $85.53/bl as of 8:26 AM in London. In metric tonne terms that would amount to a $4.52/mt jump in bunker prices.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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